Fai Exchange – One of the Best 1031 like Kind Exchange Companies in Massachusetts
1031 like-kind exchange allows you to change the form of your investment without the IRS recognizing your capital gain. This, in turn, allows your investment to grow to defer capital gain taxes. There is no limit on how many times you can do the 1031 exchange.
1031 like-kind exchange is a friend to real estate professionals and business property, investors.
The mechanism of 1031 like-kind exchange
When an investor sells the property (relinquished property) and a Qualified Intermediary (QI) holds the funds gained from the sale. The QI is then directed by the investor to purchase a new property of equal or higher value than that of a relinquished property. By this method, the investor is saved from paying the capital gain taxes that he otherwise would have had to pay over the sale of the relinquished property. Without 1031 like-kind exchange, the investor will always have to pay capital gain taxes every time he moves from one property to another. Additionally, saving up on capital gain taxes puts an investor on a better road to become wealthier.
Here are some things you should know about 1031 like-kind exchange:
1. You cannot use the 1031 exchange for personal residences. 1031 like-kind exchange is a provision for investment and business properties only.
2. You need to buy a replacement property that is equal or higher in value than that of a relinquished property.
3. You will need a Qualified Intermediary to carry out the 1031 like-kind exchange.
4. You are required to identify a new property after the closing of your relinquished property.
5. You are also required to close in on one or more identified properties within 180 calendar days of the closing of your relinquished property.
If you are looking for a 1031 exchange company in Massachusetts, look up to Fai Exchange.
Fai Exchange caters realtors and business property investors who are seeking relief from capital gain taxes. Fai Exchange’s skilled and talented staffs will always be there to explain you every aspect of 1031 like-kind exchange. Our services also include preparation of documents with all appropriate forms required for a smooth 1031 like-kind exchange to happen.
Connect with us for a discussion by visiting our website https://www.fai1031.com/ and fill up the contact form for us to get back to you.
William L. McNamara
P.O. Box 487
Dedham, MA 02026
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